Deterministic risk modeling, the basis of the Efficient Market Hypothesis (EMH) at the core of modern quantitative finance, is known to be fundamentally flawed, but its elegance and convenience has blinded researchers to growing evidence of its weaknesses. The near-complete acceptance of the EMH led to models that dramatically accentuate its flaws, which in turn led to absurd but eagerly accepted conclusions for loan-default risk. These models proved dramatically vulnerable to changes in the housing market in 2007–2008 and led directly to the ensuing crash.